Veda’s Multi-Strategy India FoF Drop 26%

Jan 23 2009 | 1:02am ET

An India-focused fund of funds set up lat year by an ex-Bear Stearns product manager is bleeding red. The Veda Multi-Strategy India Fund, the brainchild of Ridaa Murad, who built India-focused synthetic swaps, corporate finance and equities products for Bear Stearns, lost 26.52% between inception in September and December, according to data obtained by FINalternatives.

Murad launched the fund of funds in September with Bradford Matthews, who owns a broker/dealer in India. The fund’s initial stable of seven managers employ direct lending, debt lending, convertible arbitrage and distressed debt, according to Murad. The fund of funds also has exposure to futures and options arbitrage strategies, private equity and real estate, as well as long/short and long-biased managers.

“Given the market in India, we think the opportunities are not just in one part of the market cycle and the trick to investing in India is buying the sell-off,” Murad told FINalternatives prior to the fund’s launch.

Some more established India-focused hedge funds were also seriously hurt last year. Funds managed by Halbis Capital Management, Boyer Allan Investment Management and Permal lost between 28% to 71% last year, according to their performance data.


In Depth

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Vortic: Making Great American Watches Again

Jul 25 2016 | 6:29pm ET

If you are compelled by stories of entrepreneurial vision & drive, or simply...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...